Wednesday, September 29, 2004
Motorola Inc. (Schaumburg, Ill.) has announced it would lay off 1,000 employees as the spin off of chipmaking subsidiary Freescale Semiconductor as an independent company is completed, according to a Forbes report.
In a filing with the U.S. Securities and Exchange Commission, Motorola stated the layoffs would encompass Motorola's commercial, government, industrial solutions, integrated electronics systems, and broadband communications segments, the report said. Motorola employs about 88,000 people worldwide.
"We're eliminating 1,000 positions around the world to better align our workforce to support seamless mobility and in anticipation of the Freescale Semiconductor separation," the company was quoted as saying.
The formation of Freescale was announced February, with the new company conducting an IPO in July.
Motorola is expected to take a $50 million charge for severance benefits, the report said.
By: DocMemory
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